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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.4 - LIMITS ON INVOLVEMENT WITH LICENSEES    View history reference

Division 1 - Limit on control of certain licensees    View history reference

Subdivision B - Approval to exceed 15% voting power limit    View history reference

SECTION 851I  PRESERVATION OF VOTING POWER IN RELATION TO BODIES SPECIFIED IN REGULATIONS MADE FOR SECTION 850A  

 View history reference

851I(1)  [Deemed approval]  


A person holding a particular percentage of voting power in a body at its specification time (see subsection (3)) is taken at that time to be granted an approval under section 851B to hold that percentage of voting power in the body if:


(a) in a case where the body's specification time occurs at the same time as the commencement of this section - the person holding the percentage of voting power in the body immediately before the specification time did not, to any extent, constitute a contravention of previous law (see subsection (3)); and


(b) whether the body's specification time occurs at the same time as, or after, the commencement of this section - on the body's specification time, the person holding that percentage of voting power in the body would (apart from this section) constitute an unacceptable control situation.

Note: Conditions can be imposed on the approval under section 851D and then varied or revoked in accordance with that section.

851I(2)  [Deemed Ministerial compliance]  


The Minister is taken to have complied with the Minister's obligations under section 851B in relation to the granting of the approval to the person.

851I(3)  [Definitions]  


In this section:

contravention of previous law means a contravention of a provision of Part 7.1A of this Act as in force immediately before the commencement of this section.

specification time , in relation to a body, means the time a body first becomes specified in regulations made for the purposes of section 850A.


 



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